Alston & Bird Consumer Finance ABstract

Highlights of Washington Department of Financial Institution’s Recent Mortgage Industry Webinar

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State Capital

A&B ABstract: In a webinar earlier this month, the Washington Department of Financial Institutions provided updates on licensing, rulemaking, and recent examination findings. On June 2, the Washington Department of Financial Institutions (“DFI”) held a webinar covering mortgage industry updates in the state.  Among the topics discussed were: Licensing Updates Between May 2020 and May 2021, the DFI has seen a substantial increase in licensing activities involving issuances and renewals … [Continue reading] about Highlights of Washington Department of Financial Institution’s Recent Mortgage Industry Webinar

The QM Patch Is Down for the Count

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Money

Whether they realize it or not, absent a last-minute intervention from the Federal Housing Finance Agency (FHFA), effective July 1, 2021, creditors will no longer be able to originate qualified mortgage loans using the “QM Patch.” The reason for this … [Continue reading] about The QM Patch Is Down for the Count

The Hunstein Case: Upending Servicing and Debt Collection?

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A&B Abstract: The U.S. Court of Appeals for the Eleventh Circuit, covering Alabama, Florida, and Georgia, recently decided in Hunstein v. Preferred Collection and Management, Inc., that a debt collector’s communication with its third-party … [Continue reading] about The Hunstein Case: Upending Servicing and Debt Collection?

Executive Order Details Cybersecurity Changes For Public And Private Sectors

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Electronic Payments

In a lengthy Executive Order issued on May 12, 2021 (the “Order”), the Biden Administration has taken steps “to make bold changes and significant investments” in both public and private sector cybersecurity “in order to defend the vital institutions … [Continue reading] about Executive Order Details Cybersecurity Changes For Public And Private Sectors